December S&P closed down 0.8 at 1060.2. This was 8.2 up from the low and 2.5 off the high. December S&P E-Mini finished down 0.75 at 1060.25, 2.5 off the high and 8.75 up from the low.
December Dow finished down 18 at 9715, 26 off the high and 45 up from the low.
Technical Outlook
S&P 500 (DEC) 09/22/2009: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The market's short-term trend is positive on the close above the 9-day moving average. The market tilt is slightly negative with the close under the pivot. The next upside target is 1069.42. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1065.25 and 1069.42, while 1st support hits today at 1054.35 and below there at 1047.63.
S&P E-MINI (DEC) 09/22/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The close above the 9-day moving average is a positive short-term indicator for trend. The market tilt is slightly negative with the close under the pivot. The near-term upside objective is at 1069.93. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1065.87 and 1069.93, while 1st support hits today at 1054.63 and below there at 1047.44.
NASDAQ (DEC) 09/22/2009: Momentum studies are trending higher but have entered overbought levels. The close above the 9-day moving average is a positive short-term indicator for trend. The daily closing price reversal up is a positive indicator that could support higher prices. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside target is at 1749.68. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1740.12 and 1749.68, while 1st support hits today at 1714.88 and below there at 1699.19.
DOW (DEC) 09/22/2009: A bearish signal was triggered on a crossover down in the daily stochastics. Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The market's close above the 9-day moving average suggests the short-term trend remains positive. The market's close below the 1st swing support number suggests a moderately negative setup for today. The next downside target is now at 9621. The next area of resistance is around 9705 and 9749, while 1st support hits today at 9641 and below there at 9621.
December Dow finished down 18 at 9715, 26 off the high and 45 up from the low.
Technical Outlook
S&P 500 (DEC) 09/22/2009: Daily stochastics have risen into overbought territory which will tend to support reversal action if it occurs. The market's short-term trend is positive on the close above the 9-day moving average. The market tilt is slightly negative with the close under the pivot. The next upside target is 1069.42. The market is becoming somewhat overbought now that the RSI is over 70. The next area of resistance is around 1065.25 and 1069.42, while 1st support hits today at 1054.35 and below there at 1047.63.
S&P E-MINI (DEC) 09/22/2009: Studies are showing positive momentum but are now in overbought territory, so some caution is warranted. The close above the 9-day moving average is a positive short-term indicator for trend. The market tilt is slightly negative with the close under the pivot. The near-term upside objective is at 1069.93. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1065.87 and 1069.93, while 1st support hits today at 1054.63 and below there at 1047.44.
NASDAQ (DEC) 09/22/2009: Momentum studies are trending higher but have entered overbought levels. The close above the 9-day moving average is a positive short-term indicator for trend. The daily closing price reversal up is a positive indicator that could support higher prices. With the close higher than the pivot swing number, the market is in a slightly bullish posture. The near-term upside target is at 1749.68. The 9-day RSI over 70 indicates the market is approaching overbought levels. The next area of resistance is around 1740.12 and 1749.68, while 1st support hits today at 1714.88 and below there at 1699.19.
DOW (DEC) 09/22/2009: A bearish signal was triggered on a crossover down in the daily stochastics. Momentum studies trending lower from overbought levels is a bearish indicator and would tend to reinforce lower price action. The market's close above the 9-day moving average suggests the short-term trend remains positive. The market's close below the 1st swing support number suggests a moderately negative setup for today. The next downside target is now at 9621. The next area of resistance is around 9705 and 9749, while 1st support hits today at 9641 and below there at 9621.
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